For example, if you pay for your broadband, TV and home phone together, just enter the total cost. Don’t forget any benefits you receive.ĭo not duplicate your outgoings: Be careful only to enter your bills once. Work out precisely what you earn: Use your payslips to enter your salary after tax, and include any second jobs you have. When you have everything you need, use our comprehensive budget spreadsheet to work out exactly how much you earn and what you spend.ĭownload our comprehensive budget planner spreadsheet Tips for accurate budgetingįollow these steps when you fill out your budget to make sure your results are accurate: Think about who the budget is for: If you live with a partner, you should work out a household budget together, taking in both sets of income and expenses. Take your time: To make your budget as accurate as possible, you need to set aside time to write it so you can give it your full attention In addition to illustrating what you’re paying on bills, it will also remind you of all those easily overlooked expenses, such as your Netflix subscription and pet insurance to takeaway coffees and Uber journeys.īe as accurate as possible: If you have to estimate, it is better to overestimate your figures rather than underestimate them Get all your paperwork: Your bank statements can show you exactly how much you’re spending each month. Work out when bills go out: If most of your expenses go out monthly, calculate your income and expenditure as monthly figures Tips for writing up your budgetīefore you write your budget, use these tips to make sure you have everything you need: This could make all the difference if you’ve got big financial goals like buying your first home or retiring early. By showing exactly how much you have coming in and going out each month, it’s easy to see where you might be overspending and can help you free up more money to save. This is because it helps you work out how much you can afford to spend each month.īut even if you’re not worried about money, a budget can be helpful and informative. Why budget?Ī budget is vital if money is tight or you have debts to repay. You might want to think of it a bit like a monthly spending plan. Take it right down to your daily coffee to make it as accurate as possible. It should include everything from your rent or mortgage to bills, food and transport. What is a budget?Ī budget document details exactly how much money you have coming in each month – your income – and how much you have going out – your outgoings. Whether you’re strapped for cash at the end of the month or want to put more away for the future, a budget is an excellent way for you to work out where your money is going and regain control of your finances.
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